Novorossijsk Shipping Company may place 17.5% of shares bought in 2005 from Akropol bank at Russian market, Interfax reports according to yuga.ru. We also have treasury stock bought from Akropol bank – they may be sold as well. On the one hand we consider the shares to be underestimated so there is no need to be in haste for selling them. On the other hand we are going to place them at Russian market in future, Sergei Terekhin, the company’s President told Commersant newspaper. According to Novoship's head it is better to place shares in Russia: “I’m absolutely sure the credits should be taken abroad since it is much more profitable while shares should be placed in Russia”.
According to earlier information, in April 2005 Akropol bank sold its share in Intrigue Shipping to one of Novoship’s affiliates for $158 million and two 150,000-dwt Aframax tankers. Federal Property Agency tried to initiate a matching deal: return of 17.5% of Novoship's shares to Akropol bank for two tankers and money. However, final decision on a matching deal has not been adopted and the shares stayed at Novoship. The proposal of Novoship's former management as regards public offering of 17.5% of shares bought from Akropol bank was discussed in the middle of the previous year but was not approved by the Minisrty of economic development.